Individual Disability Insurance
It is estimated that only 43% of large companies provide Long Term Disability.
Your chances of coverage from a small company are even slimmer.
Studies have shown that 1 out of 4 people will incur a disability before retirement.
People are amazed when I discuss IDI because of the fact they are typically thinking of an injury. They think to themselves of broken bones or possibly a surgery of some sort and figure they can cover that. They are surprised when I begin discussing things like Parkinson’s, MS, and Cancer. These are all too common and can be career ending disabilities.
Disability insurance is not only used to protect an individual’s income but can also be used in business. One way is to use DI in a Buy/Sell agreement to protect the business owners incase of a claim. The other is for an owner to use Business Overhead insurance. This protect the business icase something happens with the owner.